Description: This paper analyzed the deficit risk that an insurer assumes when a group insurance contract is subject to a retrospective experience-rating arrangement. In this paper, a method for quantifying the deficit risk and determining explicitly an appropriate risk charge level is developed.

Description: This paper discusses the pricing of bond options and interest-sensitive cash flows by discrete state/time models such as binomial lattices. Current binomial models are faulty because the put-call parity relationship may not hold for all periods and there may exist negative interest rates. This paper presents a binomial model without such riskless arbitrage opportunities. This model allows the initial term structure of interest rates to be prescribed exogenously, so that the model price for each stream of fixed and certain cash flows is the market price.

Description: This paper discusses the purpose and nature of the benefit ratio [otherwise known as active life] reserve in relation to the class of health insurance contracts to which it is intended to apply. From Transactions of Society of Actuaries 1988, Vol. 40, Pt. 1.

Description: This paper presents a method involving re-sampling 'with replacement but without random numbers', numerical convolutions for sums and quotients, and estimation of confidence intervals for trend in average size claim. In this paper, this method is applied to major medical claims.

Description: The purpose of the present paper is to propose a family of sex-year-of-birth tables which may be used in place of The Annuity Table for 1940 with Projection. From Transactions of Society of Actuaries 1950, Vol. 2, No. 4.

Description: This paper by the SOA Committee on HIV research builds on past work to show three projections of the future of the AIDS epidemic. These scenarios can provide information to actuaries in considering the financial impact of AIDS for life and health insurance. The paper develops general population AIDS mortality rates related to the three scenarios. From Transactions of Society of Actuaries 1990, Vol. 42.

Description: This is a discussion of the paper, 'Group Annuity Mortality' by Ray M. Peterson, which presents the Group Annuity Table for 1951 with projection factors. The paper is reviewed, an additional projection method is suggested with illustrations, discussion of the difficulties of using projected rates for premiums and reserves, and critiques are provided.

Description: This paper presents a theoretical approach to the valuation of options on bonds, a computer model for valuing such options, an application of options theory to evaluate the risk of call options on corporate bonds, and an application of options theory to price the risk of deposit antiselection on certain GICs sold to employee savings plans. From Transactions of Society of Actuaries 1985, Vol. 37.